LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 18-24, 2017

11 Contracts Signed

Only 11 contracts were signed last week at $4 million and above. Which, in turn, produced a volume of only $61,047,990. Real estate observers usually expect slow weeks during the Jewish holidays, but last week’s results were lower than anticipated—in fact, the number of contracts signed and the total volume were the lowest of the year.

The No. 1 contract was a townhouse at 4 Riverview Terrace, asking $8.950 million, not much above the $8.75 million paid when the house last sold in August of 2008. This 3-story house is 16.67-feet-wide with 3,200 square feet including 3 bedrooms and 3 bathrooms. It is one of 6 houses, built in the 1870s, on a cobblestone cul-de-sac behind Sutton Place and overlooking the East River. Each house has a parking spot out front, and shares a common landscaped garden that lines the East River.

The No. 2 contract was 27BWest at 56 Leonard Street, asking $6.975 million, reduced from $7.45 million when it went on the market in August 2016 after closing for $5,977,719. This new condo has 2,252 square feet including 3 bedrooms and 3.5 bathrooms, plus a balcony measuring 23’ x 8’. The unit has north and west views. 56 Leonard, designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron, was an immediate hit when it started selling in the spring of 2013 off of floorplans. The 60-story condo has 145 units, and amenities include a fitness room, 75-foot Infinity-edge lap pool, landscaped sundeck with a hot tub, children’s playroom, conference center, and catering kitchen.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 0 Avg.Ask:
$5,124,000
2
Condos 0 1 1 6 Avg.Ask:
$5,231,249

Avg.$/sq.ft.:
$2,335/sq.ft.

Avg.Size:
2,240 sq.ft.
8
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 1 0 Avg.Ask:
$8,950,000

Avg.$/sq.ft.:
$2,797/sq.ft..

Avg.Size:
3,200 sq.ft.
1
TOTALS 1 2 2 6 11
Total Weekly Asking Price Sales Volume: $61,047,990
Average Asking Price: $5,549,817
Median Asking Price: $4,909,990
Average Discount from Original Ask to Last Asking Price: 9%
Average Days on Market: 322
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 10 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

© 2017
Donna Olshan and Olshan Realty
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